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16 Beds 24 Baths 22191123 MLS Pending Status
We are pleased to present this offering of 24 multifamily units between two mirror-image 12 unit properties located at 336-342 East Providencia Avenue in prime Burbank, CA.There is no LA City rent control in Burbank. This property is only subject to California's AB-1482 which has a maximum rent increase of 10% per year.Built in 1988, these two properties sit on a combined 0.40 acre lot, and the 13,950 gross square feet of building is split up into (8) studio units and (16) 1 bed / 1 bath units. The property has a secure and gated entry leading to a shared driveway where there are 24 total parking spots, one spot for each unit. Furthermore, the property offers its tenants a communal laundry room and storage spaces. Because this 24 unit offering is split between two APNs, each containing a 12 unit building, there is no legal requirement to have an on-site manager, saving the buyer from giving away a free unit. Also, the property is separately metered for gas and electric which helps keep the utility bills down.Right now, 18 of the 24 units are eligible to receive the maximum 10% rent increase that is allowed per AB-1482. When the buyer gives these rent increase notices, almost half of the 18% estimated upside potential will be captured right then, making this a very easy value add opportunity. After these rent increases are given, the buyer will be at a 4.5% CAP rate without doing any work to the building.

336 & 342 E Providencia Avenue, Burbank

25 Beds 21 Baths 22185943 MLS Pending Status
We are pleased to present this 11 unit multifamily property located at 328 East Providencia Avenue in Burbank, CA. This property is not subject to LA City Rent Control. It is only subject to California's AB-1482 which allows maximum annual rent increases of 10%.All 11 units are currently eligible to receive this 10% max rent increase today. Once those rent increases are given, the income will increase by $2,680 per month or $32,162 per year. With this new income in place, the buyer would get the property to a 4.25% CAP rate and a 15.97 GRM without doing any work to the property. The only deferred maintenance that is known on the property is that the roof needs to be fully replaced. Built in 1988, this 12,150 square foot property sits on a 0.20 acre lot, and it boasts an excellent unit mix of (2) 1 bed / 1 bath units, (4) 2 bed / 2 bath units, (4) 3 bed / 2.5 bath units, and (1) 3 bed / 2.5 bath units. These units are very large with the average size being 1,100 square feet. The renovated units are equipped with new wood laminate floors in living room and bedrooms, tile floors in bathrooms, kitchen, dining room and hallways, built in shelving in the master bedrooms, central heating and air for all units, washer/dryer hookups, balconies for all units, and a full suite of new appliances.The building is fully secured with gated entrances to the building and subterranean parking lot. The property is fully parked with enough spaces for all the tenants that live there, and there is a laundry room located in the garage for the communal use of the tenants.The sellers have an attractive loan with Chase Bank that is assumable, and the loan has a better interest rate than you could get in today's loan market. The buyer would be assuming a loan of about $2.8M which is 50% LTV at list price, and the interest rate is 4.10%. The 4.10% interest rate is fixed until January 2027 which is about 4.5 years from now.The property is ideally located within walking distance of Downtown Burbank. Downtown Burbank is a mixed-use urban neighborhood spanning 33-blocks and featuring more than 400 shops, restaurants and businesses. Situated in the heart of entertainment industry, the area is renowned for its dynamic street scene, outdoor dining, and pedestrian orientation. Shopping and dining destinations include Urban Outfitters, IKEA, Barney's Beanery, and Burbank Town Center. AMC movie screens consistently rank in the top five of cinema circuits nationwide.

328 E Providencia Avenue, Burbank

Based on information from California Regional Multiple Listing Service, Inc. as of . This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.

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